An Empirical Study of Equity Agency Costs and R&D Intensity: Evidence from Listed Companies on the ChiNext

被引：0
|
作者：
Zhang, Su [1 ]
机构：
[1] S China Univ Technol, Sch Business Adm, Guangzhou, Guangdong, Peoples R China
来源：
ADVANCES IN APPLIED SCIENCE AND INDUSTRIAL TECHNOLOGY, PTS 1 AND 2 | 2013年 / 798-799卷
关键词：
R&D intensity; Equity agency costs; Agency conflict; OWNERSHIP STRUCTURE; FIRM;
D O I：
10.4028/www.scientific.net/AMR.798-799.833
中图分类号：
T [工业技术];
学科分类号：
08 ;
摘要：
Using a sample of companies listed on the Shenzhen ChiNext board between 2009 and 2011, this paper analyzes the effect of shareholding proportion for the controlling shareholder on the firms' R&D investment intensity. I find that the relation between R&D intensity and the equity of de facto controller is U-shape. My findings support the agency conflict between majority and minority shareholders.
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页码：833 / 836
页数：4
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